Family trusts can be created whilst you are alive and have a number of uses including protection of life policy lump sums, pensions and death in service benefits. If these payments are made directly to your spouse or partner then the monies become taxable in their hands upon their later death.
By incorporating a family trust in your estate planning you can ensure that your spouse or partner still has benefit of the monies payable but vitally an inheritance tax saving can also be made at the same time.
Family trusts are also useful for lifetime gifting.
For anything further, one of our specialists would be delighted to meet you either in our office or in your own home to talk through your requirements and answer any questions. Please contact us at any time.